MTDC Signs MoU With TH Global To Penetrate Middle East Market

KUALA LUMPUR, Dec 9 (Bernama) -- Malaysian Technology Development Corp (MTDC) have signed a Memorandum of Understanding with TH Global Services Sdn Bhd (THGS) to penetrate the Middle East market, particularly Saudi Arabia. MTDC Chief Executive Officer (CEO) Norhalim Yunus said the collaboration will create an excellent platform for the companies under MTDC to help them penetrate the global market especially the Middle East. "This shows MTDC's commitment is not only limited to fund management but also in providing value-added services by ensuring the business expansion of companies under MTDC," he told reporters after the MoU signing here Friday. Norhalim said five or six companies have been identified to join the platform to leverage on TH Global's network, which has been there for 50 years. The MoU was signed by Norhalim and THGS Chairman Mohamad S. Ahmad. Under the MoU, THGS will distribute selected Halal products, medical devices, oil and gas as well as other products suitable for the Middle East market from companies within the MTDC eco-system. THGS CEO Adly Mohamed said the company, which has already made inroads into Saudi Arabia, realised that Malaysian-made products were very rare there. "With the network that we have, we hope to commercialise made-in-Malaysia products and technology in Saudi Arabia," he said. Adly said that the MoU will strengthen the bilateral relationship between Malaysia and Saudi Arabia. THGS sees this MOU as a first step towards more business opportunities that will benefit both Malaysia and Saudi Arabia. "This business networking will be extended to other Gulf countries in the future as well as Europe," said Adly. MTDC, a wholly-owned subsidiary of Khazanah Nasional Bhd, has been the key player in the commercialisation and management of government funding. THGS will organise a meeting early next year with three Jeddah-based entities -- Panda Hypermarket, Halawani Group and Jeddah Chamber of Commerce (JCC) -- for MTDC to present their products. --BERNAMA